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Clydesdale Bank set to start London life tomorrow

The latest UK challenger bank into the ring - Clydesdale - is expected to float in London tomorrow (Feb 2) after parent firm The National Australia Bank (NAB) won court approval in Victoria....

Clydesdale set for London float tomorrow...

The latest UK challenger bank into the ring - Clydesdale - is expected to float in London tomorrow (Feb 2) after parent firm The National Australia Bank (NAB) won court approval in Victoria.

Traders will be keen to see what happens as the bank enters a banking arena facing several headwinds and turbulent global equity markets.

NAB is planning to sell 25% of Clydesdale in the IPO and spin off the rest to its shareholders.

The listing has already made headlines as it will be floated at a lower-than expected price, withn the unit valued at between £1.54 bn and £2.04bn - around £200 million less than had previisuly been touted.

The group has 275 retail branches (121 Clydesdale Bank-branded branches and 154 Yorkshire Bank-branded branches) and 40 business centres, but the emphasis is likely to be on the evolving digital platform.

Quick facts: NATIONAL AUSTRALIA BANK LIMITED

Price: $29.16

Market: ASX

Market Cap: $84.07 billion

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